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Lancaster Colony Reports First Quarter Sales and Earnings

30 October 1998

Lancaster Colony Reports First Quarter Sales and Earnings

    COLUMBUS, Ohio, Oct. 30 -- Lancaster Colony Corporation today
reported net sales of $244 million, which set a new record for the company's
first fiscal quarter compared to $237 million in the first quarter last year.
Net income for the first fiscal quarter ended September 30, 1998 amounted to
$20,338,000 or 48 cents per basic and diluted share. This compares with
$20,861,000 or 48 cents per basic and diluted share earned in the
corresponding quarter a year ago after reflecting the 3-for-2 stock split paid
on January 27, 1998.
    John B. Gerlach, Jr., chairman and CEO of Lancaster Colony, said, "We are
pleased with the good sales growth in our specialty foods business while our
glassware and candles and automotive segments performed below expectations."
He added, "Operating margins were impacted by higher ingredient costs in the
food business and by the effects of the General Motors strike on our
automotive accessory business."
    Mr. Gerlach said, "Looking ahead, we see modest growth in light of the
unsettled state of the national economy. The impact of the GM strike is now
behind us and we believe raw material and ingredient costs may trend favorably
in the second half. We expect improved performance in all of our business
segments during the balance of the year."
    This news release contains forward-looking statements related to future
growth and earnings opportunities. Actual results may differ as a result of
factors over which the company has no control, including the strength of the
economy, slower than anticipated sales growth, price and product competition,
and increases in raw materials costs. Additional information which could
affect the company's financial results is included in regular reports to the
Securities and Exchange Commission.

LANCASTER COLONY CORPORATION
CONSOLIDATED SUMMARY OF SALES AND EARNINGS (UNAUDITED)
(In thousands except per-share amounts)

                                         Three Months Ended
                                           September 30,
                                  1998                     1997
    Net sales                    $244,080                $237,174
    Cost of sales                 170,813                 162,020

    Gross margin                   73,267                  75,154
    Selling, general
     & administrative expenses     39,384                  40,218

    Operating income               33,883                  34,936
    Other income (expense):
    Interest expense                (649)                   (657)
    Interest income and other
     - net                             39                   (147)

    Income before income taxes     33,273                  34,132
    Taxes based on income          12,935                  13,271

    Net income                    $20,338                 $20,861

    Net income per common
     share:(a)(b)
    Basic                            $.48                    $.48
    Diluted                          $.48                    $.48
    Cash dividends per common
     share(b)                       $.140                   $.127
    Weighted average common
     shares outstanding:(b)
    Basic                          42,553                  43,518
    Diluted                        42,607                  43,598

    (a) Based on the weighted average number of shares outstanding during each
    period.
    (b) Reflects 3-for-2 stock split paid on January 27, 1998.

    Subject to year-end audit.